INSU Acquisition Corp. III Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
INSU Acquisition Corp. III (NASDAQ: IIII) received a Nasdaq notice due to the late filing of its Quarterly Report on Form 10-Q for the period ending March 31, 2021. The notice indicates non-compliance with Nasdaq Listing Rule 5250(c)(1). The company must submit a compliance plan by July 26, 2021, to avoid potential delisting, with a possible extension until November 22, 2021. The company is also assessing the impact of SEC guidance on warrants issued by SPACs, which may require amendments to its past financial reports.
- None.
- Non-compliance with Nasdaq Listing Rule 5250(c)(1) due to late filing of Form 10-Q.
- Potential risk of delisting if compliance plan is not accepted.
- Possible need to amend the Annual Report on Form 10-K for the year ended December 31, 2020.
PHILADELPHIA, PA, June 04, 2021 (GLOBE NEWSWIRE) -- INSU Acquisition Corp. III (NASDAQ: IIII) (the “Company”), a blank-check company sponsored by Cohen & Company Inc. (NYSE American: COHN) and formed for the purpose of acquiring or merging with one or more businesses or entities in the insurance industry, today announced that on May 28, 2021 it received a notice from Nasdaq Regulation indicating that, as a result of not having timely filed its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the “Form 10-Q”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).
The Nasdaq notice has no immediate effect on the listing or trading of the Company’s units, Class A common stock or warrants on the Nasdaq Capital Market. The Notice provides that the Company must submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) by July 26, 2021. If the plan is accepted by Nasdaq, then Nasdaq can grant the Company up to 180 calendar days from the due date of the Form 10-Q, or November 22, 2021, to regain compliance.
As the Company reported in its Form 12b-25 filed with the SEC on May 18, 2021, the Company is working diligently with its auditors and an independent valuation expert to evaluate the impact on the Company’s financial statements of the Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) issued by the staff of the SEC on April 12, 2021. After this evaluation, the Company may be required to file an amendment to its Annual Report on Form 10-K for the period ended December 31, 2020. Until the Company determines whether or not it is required to file an amendment to its Annual Report on Form 10-K for the period ended December 31, 2020, subsequently files such amendment, and completes the process for valuing the Company’s warrants at March 31, 2021, the Company will not be in a position to file the Form 10-Q.
This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for its initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.
Contact Information:
Amanda Abrams
amanda@ftspac.com
(215) 701-9693
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